If you believe WIS, previous season record has nothing to do with it anymore. Directly from the FAQ:
"When a free agent has multiple exact offers of any value at the ML level the tiebreakers are as follows: relevant IQs of the coaching staff and ballpark. If the players previous franchise is also bidding on him, then that franchise will receive a small loyalty bonus. When the coaching staff is used to break the tie position players will look at the hitting IQ of the hitting coach and the fielding IQ of the fielding coach. Pitchers will look at the pitching IQ of the pitching coach and the bullpen coach. In cases where the offers are still tied and the coaching staff has been factored in ballpark is used to determine which franchise the player will sign with. Pitchers always want to pitch in a pitchers park, while position players will always want to play in a hitters park. "
As mentoned though, there have been examples posted here that directly refute this, so who really knows.